Oil prices plunged on Friday on renewed fears of a COVID-19-fueled drop in demand. OPEC has been slow to open the taps despite soaring oil prices over the past several months. The latest drop in oil prices plays to the cartel’s concerns over oil demand in the near to medium term. One day—that was all it took oil prices to plunge by more than a tenth after health authorities announced the identification of the latest potentially dangerous coronavirus variant in Southern Africa. Brent crude dropped from over $80 to about $72 per barrel, and West Texas Intermediate fell to $68 per barrel in the space of less than 24 hours, days after prices reacted to the release of 50 million barrels from the U.S. strategic petroleum reserve by rising. And with Brent at $72, OPEC is almost certain to halt its policy of supply increase. “It obviously remains a […]